BTC-USD: Daily TA 2 June 2020

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BTC-USD: Daily TA 2 June 2020

Good Morning guys;

We saw very nice up move in BTC taking it from 9500 to 10400. In this TA I would like to break it down step by step;

1) What Bulls are looking for?
• Daily MAs: Looking at the daily chart , all the key MAs are now facing north with Daily Golden cross continuing its bullish momentum. BTC had held the Daily 21EMA very nicely, this is why I have been trading with bullish bias till now and I will keep my bullish bias as long as BTC is above 21EMA.
• BB: Daily Bollinger bands also show very nice bullish momentum, BTC is trading just below the 2nd Standard deviation, if we see today close above 10000-10100 then we will most likely see more upward moves in BTC taking it to 10500-11000 range.
• Pivots: Daily chart with monthly pivots also paint bullish picture, bulls managed to push BTC to test the R4 resistance level and currently holding above R3. We still have whole month to go and BTC already tested R4, pretty good imo .
• Daily PA: On the PA we now have clear HH in place, I will be looking for a small re trace in BTC to set another HL to confirm the uptrend. From this chart regions from 9500-9000 are buy zones for me. This is also supported by the pivots as monthly pivot is currently at 9250.

2) What Bears are looking for?
• Divergence: Bears do have nice opportunity to create a massive daily Bearish divergence on BTC , it is not confirmed yet but if BTC break the previous high of 10010, then it will confirm and we might see big downward move to as low as 8300 which s a monthly S4 level.

As long as BTC is holding support at 21EMA on Daily TF, I keep trading with bullish bias;
2 key levels on lower and upper side are 10500 and 11000; and 10010 and 9500 respectively. These levels can be used to enter or manage the trade.

Happy and safe trading…




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